Xenetic Biosciences, Inc. (XBIO) stock surged 5.26% in the after-market trading session at the price of $1.40 despite no fundamental updates. XBIO is a biopharmaceutical firm advancing XCART, a personalized CAR-T technology to address tumor neoantigens. The company is developing cell-based treatments that target B-cell receptors on the surface of malignant tumor cells to treat B-cell lymphomas.
XBIO Q3 2021 Financial Results
On 12th November 2021, XBIO published its financial results for the third quarter of 2021 and delivered business updates. XBIO had a working capital of $19.5M on 30th September 2021. The cash and cash equivalents were $19.7M at the end of the quarter. On 31st July 2021, XBIO completed a $12.5M private placement of common stock shares and warrants to purchase shares with total net proceeds of $11.5M.
Net loss totaled $1.4M for the quarter ended 30th September 2021. Research and development costs were $0.8M for the Q3 of 2021. It increased approximately 36.1%, or $0.2M, from $0.6M for the same quarter of 2020. General and administrative costs were $0.9M for the quarter ended 30th September 2021. It represents a rise of 17.5%, or $0.1M, from the same quarter of 2020.
Chief Executive Officer of XBIO, Jeffrey Eisenberg, remarked that their team had focused on promoting the XCART program, validating workflow, and manufacturing elements that drove them nearer to completing IND-enabling studies. Xenetic’s strategic approach has well-positioned them to create a significant impact by meeting unmet needs in hematological malignancies. As they advance the XCART program and witness its potential, they are confident to target cancers with a tumor- and patient-specific approach.
USPTO Issued Notice of Allowance for XCART
Earlier on 9th September 2021, XBIO disclosed the issuance of Notice of Allowance by USPTO for patent application number 16/983,491. The application covers the co-administration of CAR-T cells with a personalized vaccine developed to improve the efficacy of the therapy. The XCART technology is a proprietary technique to personalized lymphoma therapy addressing tumor-specific neoantigens. Currently, it is in the pre-clinical stage to treat Non-Hodgkin lymphoma and advancing towards IND-enabling studies.